Setup alternative address
Last updated
Last updated
We always recommend to setup an alternative address. This will decrease the changes of a duplicate transaction enormously. If you are setting up a deposit address that is hosted on exchange such as Binance or Kraken, it's necessary to setup an alternative address, due to possible internal transactions.
An internal transaction is one that takes place on the same exchange, such as Binance. For example, an internal transaction occurs when a Binance customer withdraws assets and sends them straight to your Binance account. Because this transaction remains within the exchange, it is not broadcast to the blockchain. This is a concern for Omotix, as it will be unable to track the transaction. You will receive your customer's funds on your exchange address, but Omotix will not be able to inform the consumer that their funds have been received. This will leave the client unsure whether or not the purchase was completed successfully.
On some exchanges, internal trades are not permitted, such as Kraken. As a result, if your customer tries to send money from his Kraken account to your Kraken deposit address, Kraken will reject the payment. Again, leaving your customer in the dark about what went wrong.
The solution to this problem is setting up an alternative deposit address.
Omotix will be able to provide a separate deposit address by asking the customer during the checkout if they will use the same exchange as your main deposit address. Omotix will be able to keep track of all transactions this way.
Good to know: We always recommend to setup an alternative addresses, also if you do not use an exchange address. This will decrease the chances of a duplicate transaction.
When you create or change a token on the active tokens page, you'll have the ability to add an alternative deposit address.
Here you can fill the name of the exchange you use for your primary deposit address. If an alternative address has been filled, Omotix will use this name to inform the consumer. If your customer uses the same exchange as your primary deposit address, we will provide them an alternative address. Below is an example of how this looks on an invoice.
Good to know: This content will only be displayed if you are using an alternative address. This text will not appear if no alternative address is provided.
Here you fill in the alternative deposit address. Omotix will only show this to the customer if they are using the same exchange as your main address. Below is an example of how this will appear to your consumer.
Best practise: Create an account at 2 different exchanges. You can use your primary exchange for the deposit address, and use your secondary exchange for the alternative address.
